Concerns over China’s slowing economy that sent global stock and commodity markets on a recent free fall are heightened by the opacity and conflicting signals from the country’s political leadership and its central bank. While the markets recovered somewhat in subsequent days and the panic ebbed, the obstacles China faces remain along with their implications on the global economy. Those issues have cast a cloud over the prospects of a widely expected interest rate hike by the U.S. Federal Reserve in September. China responded quickly to the stock market meltdown on August 24, dubbed “Manic Monday.” It lowered interest rates by 25 basis points to 4.6% and cut the reserve requirements for banks by 50 basis points to 18%, a move that is expected to increase liquidity by 650 billion yuan or about $101 billion.…